November 15, 2010
RXi Loss Grows In Q3
By Matthew L. Brown
Worcester's RXi Pharmaceuticals Corp. lost $4.1 million in the third quarter compared to a $2.9-million loss a year prior.
The company cut research and development, as well as administrative costs and shrunk its operating loss to $3.7 million from $3.9 million a year ago.
It ended the quarter with $2.8 million in cash and equivalents compared to $5.7 million.
RXi is making the transition from a research-based company to a commercial firm. It won more than $1.5 million in federal grants during the quarter to support development.
The company is developing drugs based on RNAi, which seeks to treat diseases by interfering with the genes thought to trigger those diseases.
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